Waste handler Transpacific Industries is continuing to make slow progress with its turnaround, posting a heavy $200.4 million net loss in the year to June following further asset write-downs.
The loss was a reversal from the profit of $32.2 million a year ago. Revenue was steady at $2.3 billion.
An impairment charge of $276.8 million was booked, which accounted for much of the earnings reversal.
Earnings before interest, depreciation, amortisation was $412.2 million, with the range estimated earlier of $405-415 million.
No quick improvement is anticipated, with market conditions expected to remain at the subdued levels experienced in the June half, it said.
As much as 13 per cent of the group's branch network has been earmarked for possible sale, it said.